Dr. Cubley: I founded ERF Wireless in early 2004. The company came to be as a result of me wanting to put together a purely wireless company. We'd do wireless broadband, focus on wireless broadband in the main part of the U.S. I thought there was a need for a company specializing in that. The initial business plan was very simple: roll up of the best wireless high-speed companies that could be found, build a large network, find an interested buyer and sell it off. So that was the beginning. The biggest problem ahead was finding good companies to buy. There were a lot of companies out there providing wireless broadband, but most of them were very fragmented, disorganized and losing a lot of money; there were very few sizable, profitable wireless broadband companies in the 2004-2005 time frame. My approach was to look for wireless broadband companies that also had a vertical market strategy for something more than just a commodity-type product, and that led us into the regional banking market. We own a company that has a technology in wireless T1 replacement for the regional banking industry, and that product enabled us to replace the regional banks' T1 lines with our high-capacity wireless links and save them money. We build the networks and operate, maintain, and monitor them and become a service partner with the banks. To date we have built eight large bank networks in three states, comprised of about a 150 individual bank locations. And as far as we can determine, we are the market leader in this space. And actually we haven't found much competition at all. We have a proprietary product called CryptoVue that has been through the examination process by the federal regulators to allow it to be used with the banks. A wireless network cannot be installed in a bank without passing this scrutiny by the federal regulators. We have some fairly sizable bank network coverage primarily in Texas and Louisiana. We continued to acquire companies - both purely wireless ISPs as well as still looking for those that have a vertical market strategy. The next vertical market strategy actually found us.
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